Shanxi's foreign trade continues to recover

The import and export volume of North China's Shanxi province in 2023 decreased 7.4 percent year-on-year to 169.37 billion yuan ($23.59 billion), narrowing the decline by 9.3 percentage points compared to 2022. 

Of this total volume, Shanxi's trade with countries involved in the Belt and Road Initiative amounted to 71.7 billion yuan, marking a 5.7 percent year-on-year increase and accounting for 42.3 percent of the province's total foreign trade value. The province's trade with members of the Regional Comprehensive Economic Partnership reached 52.24 billion yuan, reflecting a 10.8 percent year-on-year increase. 

Shanxi's foreign trade achieved continuous growth between September and December in 2023. For December alone, its imports and exports reached 14.66 billion yuan, a 2.2 percent year-on-year increase.

The rapid growth in exports related to fertilizers, rail transportation equipment, and automobiles, as well as the import of soybeans, coal, and ferroalloys, were the main highlights of Shanxi's foreign trade in 2023. Specifically, the province's exports of rail transportation equipment reached 1.63 billion yuan, reflecting a remarkable 115.4 percent year-on-year increase, while its import of ferroalloys reached 18.9 billion yuan in 2023, up 37.7 percent year-on-year.